Aviva has reported that wealth net flows rose to £7.7bn in the third quarter of the year as demand for its adviser platform grows.

Platform net flows were up 76% to £3.1bn, reflecting strong growth in its financial adviser platform business, including Succession Wealth and Direct Wealth.

Aviva said in a trading update today (14 November) that it has achieved another quarter of “strong delivery and profitable growth” across all areas the business.

Protection sales increased by 44% following the completion of the AIG UK protection acquisition in April. The group’s general insurance premiums also rose by 15% to £9.1bn.

Retirement sales are up 67% to £6.1bn, driven by higher demand in the bulk purchase annuity market.

Amanda Blanc, group chief executive, said: “Quarter after quarter, we are delivering consistently superior results and growing Aviva, particularly in the capital-light businesses. General insurance premiums are up 15%, and wealth net flows of £7.7bn are 21% higher, reflecting continued growth in workplace pensions and strong demand from our financial adviser platform business.

“Aviva’s large and growing customer base is a major advantage, contributing to our excellent performance. Over the last four years we have increased customer numbers by 1.2m to 19.6m. We now have five million UK customers with more than one policy and, as the UK’s leading diversified insurer, the potential to grow this further is huge.

“Aviva is financially strong, trading well each quarter, and has significant opportunities for further growth. We are confident about the outlook for the rest of 2024 and beyond, growing the dividend and achieving the Group’s financial targets.”

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The head of Disney and Reliance Industries’ newly merged $8.5bn Indian entertainment titan plans to invest and “revitalise” television in the world’s most populous country even as western media organisations increasingly see it as a dying medium.

Uday Shankar, vice-chair of Jio Star — the freshly formed company whose merger was completed on Thursday — said traditional television revenue could experience “significant double-digit growth within the next several years” on the back of fresh investment in innovative content ranging from dramas to soaps.

“There is this whole narrative that television is dead and it’s all about streaming,” Shankar told the Financial Times in Mumbai in his first interview since the combination was approved by India’s regulators. “Television in this country for sure is not dead.”

While lagging growth in online streaming, Shankar pointed to a still robust linear pay-TV industry as more Indians steadily join the middle class.

EY predicts TV revenue in India, from subscribers and advertising, will increase by 10 per cent to $9bn in the three years through to 2026, while TV ownership will climb at a similar pace to reach 202mn sets.

“A large number of people are coming into the economic mainstream every year,” Shankar said. “One of the aspirational items of consumption that they acquire, or they want to acquire, is a TV.”

Shankar’s comments came as he outlined his plans after Disney and Reliance, the conglomerate run by Asia’s wealthiest man Mukesh Ambani that spans petrochemicals, retail and telecoms, agreed earlier this year to combine their Indian entertainment assets.

The combined entity has more than 100 television stations and more than 50mn streaming subscribers.

“It’s a monster merger . . . there is no competition,” said Shankar, a media industry veteran who will run the company, which is chaired by Ambani’s wife, Nita. “We have to reinvent the market and make it much bigger.”

The joint venture came together earlier this year after Disney battled to gain traction in India’s huge cricket and film markets, which have both tempted and thwarted global media majors who have struggled with highly cost-conscious audiences and fierce local competition.

After Disney acquired Star India in 2019 from Fox, the business became a financial drag. Internal debate swirled on whether to exit the country entirely, particularly after Ambani’s Reliance won the streaming rights to the wildly popular Indian Premier League short-format cricket tournament.

The new Jio Star, formed from these lossmaking media businesses, aims to hit profitability within five years. Investment bank Jefferies has compared its control over Indian sports rights to that of ESPN in the US and Sky Sports in the UK.

The media group, which has a roughly 35 per cent market share in TV, won over competition authorities after promising to shed a handful of regional TV channels and not bundle advertisements across its cricket portfolio or to raise rates exponentially.

Shankar said that “dominance in sports is highly overrated” and criticism of Disney and Reliance’s hold was “somewhat uninformed because sports rights in this country are awarded to you for a frighteningly short period of time — it’s anything from three to five years”.

Other Indian media houses have also attempted to downplay the industry impact of the merger.

Punit Goenka, chief executive of Zee Entertainment, whose long-planned tie-up with Sony would have created a $10bn rival to Jio Star before it acrimoniously collapsed earlier this year, said he did not expect to see much change after competing with the duo previously as independent companies.

“Their entire strategy is sports-focused whereas our strategy is completely entertainment-focused and, therefore, I do not think that we are really competing in that space or that segment,” he said on an earnings call last month.

“They may have a little bit more leverage on the advertising dollars that they can command given that they may have a significantly higher market share.”

MILLIONS of Apple iPhone and iPad users could be owed a £70 payout after a consumer group accused the tech giant of ripping customers off.

Which? claims the computer and electronics company is breaching competition law by forcing people to use its iCloud services.

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ICloud lets you securely store your photos, files, notes, passwords and other data.

It also acts as a backup in case you lose your phone or it is stolen.

But Which? says Apple has encouraged users to sign up to iCloud while making it difficult to use other products at the same time.

The consumer group claims Apple doesn’t let customers store or back up all of their phone’s data with a third-party provider, and they have to pay when the amount of data stored breach a 5GB limit.

Which? also says Apple customers are being overcharged for iCloud subscriptions.

It said this is partly because of the tech giant’s dominance of the market meaning it is difficult for alternative services to gain traction and offer competition.

The consumer champion is seeking damages for customers who have obtained iCloud services since October 1, 2015.

It estimates this is around 40million people, and that individual customers could be owed an average of £70.

However, you could receive more or less than this based on how long you have been using the iCloud service.

Which? chief executive Anabel Hoult said: “We believe Apple customers are owed nearly £3 billion as a result of the tech giant forcing its iCloud services on customers and cutting off competition from rival services.

“By bringing this claim, Which? is showing big corporations like Apple that they cannot rip off UK consumers without facing repercussions.

“Taking this legal action means we can help consumers to get the redress that they are owed, deter similar behaviour in the future, and create a better, more competitive market.”

A spokesperson for Apple UK said: “Apple believes in providing our customers with choices.

“Our users are not required to use iCloud, and many rely on a wide range of third-party alternatives for data storage.

“In addition, we work hard to make data transfer as easy as possible – whether its to iCloud or another service.

“We reject any suggestion that our iCloud practices are anticompetitive and will vigorously defend against any legal claim otherwise.”

What happens next?

Which? is urging Apple to settle the claim without the need to take the case to tribunal.

The consumer group is asking that Apple offers iCloud customers their money back and allows customers “real choice” of cloud provider.

If this doesn’t happen, Which? will ask the Competition Appeal Tribunal’s permission for the claim to proceed – what’s known as a “certification”.

A hearing would then be set for Which? to put its case forward.

There’s no guarantee that compensation will be issued to iPhone and iPad users – only if the case is won at tribunal.

You can register your claim and see if you could be eligible for compensation via cloudclaim.co.uk.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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Your guide to what the 2024 US election means for Washington and the world

President-elect Donald Trump won a resounding victory last week on a protectionist economic platform, vowing to impose a 60 per cent tariff on all imports from China and levies of up to 20 per cent on goods from the rest of the world.

Various economists have warned that the economic direction of travel under Trump will imperil global prosperity and could exacerbate inflation. But his win has excited Wall Street, with stocks rallying on the back of a so-called “Trump trade”. Bond investors have responded much more cautiously.

Governments and world leaders have since been racing to ingratiate themselves with the Republicans in an attempt to avoid the sharp end of Trump’s trade agenda. Many analysts have interpreted vice-president Kamala Harris’s defeat as a wholesale rejection of Bidenomics, and policymakers are wondering what’s next for the global economy and financial markets under the next US president.

The FT’s Alan Beattie, writer of the Trade Secrets newsletter and column, alongside US financial editor Brooke Masters and EU correspondent Andy Bounds will answer your queries live on how a Trump administration will transform global trade and financial markets.

To take part, leave your question in the online comments below this story. You can also upvote comments you would most like the experts to tackle. They will respond to readers in the comment field from 3pm GMT/10am ET on Thursday November 14. To be notified when the Q&A goes live, add the event to your calendar here.